I am very pleased to be able to
inform shareholders that your
Company achieved earnings
before interest, tax, depreciation
and amortisation (EBITDA) of
£4.6 million (2013: £3.0 million).
Of these earnings, £3.5 million
were generated in the second
half of the year.

To a significant extent, this strong performance
in the second half of the year can be attributed
to the successful implementation of the
turnaround plan put in place by your
management in London and at Black Wattle
Colliery, our direct coal mining asset, in
South Africa.

As reported last year, at the end of 2013 the
open cast mining operations at Black Wattle
were severely impacted when one of our
main production pits ran into unrecorded old
underground workings. A turnaround plan
was put in place. This involved the swift
movement of the machinery to two of our
more profitable production pits in order

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